UAE’s life insurance market had its big moment in 2020, but has growth been sustained?

UAE’s life insurance market had its big moment in 2020, but has growth been sustained?

Dubai: The life insurance market in the UAE and Gulf had its decisive breakthrough when COVID-19 became a daily threat in 2020. There were far more takers for life policies in those first weeks and months of the pandemic than for full years before that, according to some industry sources. Because selling life insurance has been a relatively difficult process among residents in the Gulf, most preferred coverage from insurers in their home countries. Insurers kept talking about creating market and user awareness, but something was missing in the overall take-up rates. That changed in 2020 with COVID-19, but has the pace sustained itself? Speaking to , Neeraj Gupta, CEO of UAE operations of India’s Policybazaar.com, has his say on where the business of insuring life stands. The scope for life insurance products is projected to grow at a gross premium of CAGR 3.8 per cent from $3.8 billion in 2021 to $4.6 billion in 2026 in the UAE. Anything can happen at any moment, so life insurance is a safety net for the family in the event of a tragedy. It is worth buying life cover and setting a personalized death benefit based on the policyholder's financial situation. ‘Term